Wasps going into admin & the impact on CCFC (118 Viewers)

[Liquid Gold]

So far in the Wasps fans blame game we have...

• Covid
• Coventry City fans
• Sisu
• Saracens
• The RFU

Nobody thought to look closer to home yet?

If the bondholders try to get any return in admin then I imagine Wasps fans will call the out for being greedy.

 

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[Otis]

What kind of weird small village in Hampshire has thousands of children?

Suggestions, please ?

Sounds more like Humpshire to me.

 

[Liquid Gold]

Why was it a ‘silly debt’ (genuine question)?

Because it made the arena unworkable. ACL couldn't make a profit when they were charging extortionate rent and since wasps took over and the loan was moved to the bond the interest payments on that have massively hampered them from making a go of it.

They wanted the arena for regeneration of the area but if that stupid debt wasn't attached to it then it would have been far more likely either club would have the ability to do something further.

Just typical CCC short term thinking. Patch a hole now that will need patching again in 10 years instead of sorting structural issues.

 

[torchomatic]

Mentioned earlier in the week that wife's best friend and husband - who works for Cov BS - went to see Wasps at the weekend with free tickets. She was just here and said that they were offered 8 free tickets each. Only the two of them went but she said the bloke in front, who works with her husband, used all 8. No wonder they went under.

 

[Sick Boy]

Question - when CCFC were the main tenant did we receive the incomes from casino/hotel letting or did that go to ACL still? I’m guessing the latter.

I like your optimism.

 

[Calista]

Because it made the arena unworkable. ACL couldn't make a profit when they were charging extortionate rent and since wasps took over and the loan was moved to the bond the interest payments on that have massively hampered them from making a go of it.

They wanted the arena for regeneration of the area but if that stupid debt wasn't attached to it then it would have been far more likely either club would have the ability to do something further.

Just typical CCC short term thinking. Patch a hole now that will need patching again in 10 years instead of sorting structural issues.

Wasn’t the whole project doomed to be forever burdened with debt when the development cost was drastically higher than the complex was (and is) worth? Was the initial concept of a stadium the Council’s project or CCFC’s, and whose thinking was at fault? I recall Bryan Richardson boasting that it was going to be a huge thing along the lines of the Amsterdam Arena, and then it had to be scaled back and bailed out. If a lot of financial mess got dumped on the Council (and the charity) how was the ‘silly debt’ supposed to vanish? Again, genuine questions and I don’t mind being wrong.

 

[CCFC54321]

I’ve had to change my pants twice due to laughing so hard I’ve pissed myself at the guy who was on cwr this morning stating there was 10,000 at the ground on Sunday and that all they need is a bridging loan by Monday.

Everything will be fine….

I’ve just shat myself now giggling again.

 

[Otis]

I’ve had to change my pants twice due to laughing so hard I’ve pissed myself at the guy who was on cwr this morning stating there was 10,000 at the ground on Sunday and that all they need is a bridging loan by Monday.

Everything will be fine….

I’ve just shat myself now giggling again.

You don't live in Keresley do you by any chance?

 

[Grendel]

I don't know why shmmeee is laughing - Grendel is spot on. The council creating an entity to run the stadium and then lumbering it with a huge debt yet only a 50 year lease was utterly stupid, everything since then is a consequence of that.

Doesn’t he claim to have some Job looking at commercial leases? The fact he can’t see it is just incredible

 

[robbiekeane]

Doesn’t he claim to have some Job looking at commercial leases? The fact he can’t see it is just incredible

He can see it

 

[Sky Blue Harry H]

I’ve had to change my pants twice due to laughing so hard I’ve pissed myself at the guy who was on cwr this morning stating there was 10,000 at the ground on Sunday and that all they need is a bridging loan by Monday.

Everything will be fine….

I’ve just shat myself now giggling again.

Sometimes less is more

 

[skyblu3sk]

Let's face it good people, this is what happens when you don't have the greatest of people as councillors.

We so need new people to put themselves forward that the likes of Lucas et al., and the machinery that was behind her to do this, wouldn't even be considered as a look in for councillor material today.

Unfortunately, the people and machinery is still there in various disguises. What Coventry Labour needs is a complete break with the past.

Thank you for your service, but Coventry is no further forward than it was 30 years ago compared to other cities.

What the fuck have you been doing in power all this time for the betterment of Coventry?

I think politicians and councillors should be some of the best paid people in the country. Only way to get rid of the dross and attract some real talent.

 

[Johnnythespider]

What kind of weird small village in Hampshire has thousands of children?

Suggestions, please ?

Kiddieminster

 

[Travs]

Wasn’t the whole project doomed to be forever burdened with debt when the development cost was drastically higher than the complex was (and is) worth? Was the initial concept of a stadium the Council’s project or CCFC’s, and whose thinking was at fault? I recall Bryan Richardson boasting that it was going to be a huge thing along the lines of the Amsterdam Arena, and then it had to be scaled back and bailed out. If a lot of financial mess got dumped on the Council (and the charity) how was the ‘silly debt’ supposed to vanish? Again, genuine questions and I don’t mind being wrong.

I remember before the Ricoh area was proposed, the original plans/speculation/hype was for a huge new national stadium at J2/M69 junction, to be shared with Leicester City...

90,000 capacity was thrown around in the media

 

[Bad Boy]

Wasn’t the whole project doomed to be forever burdened with debt when the development cost was drastically higher than the complex was (and is) worth? Was the initial concept of a stadium the Council’s project or CCFC’s, and whose thinking was at fault? I recall Bryan Richardson boasting that it was going to be a huge thing along the lines of the Amsterdam Arena, and then it had to be scaled back and bailed out. If a lot of financial mess got dumped on the Council (and the charity) how was the ‘silly debt’ supposed to vanish? Again, genuine questions and I don’t mind being wrong.

Wasn’t the whole project doomed to be forever burdened with debt when the development cost was drastically higher than the complex was (and is) worth? Was the initial concept of a stadium the Council’s project or CCFC’s, and whose thinking was at fault? I recall Bryan Richardson boasting that it was going to be a huge thing along the lines of the Amsterdam Arena, and then it had to be scaled back and bailed out. If a lot of financial mess got dumped on the Council (and the charity) how was the ‘silly debt’ supposed to vanish? Again, genuine questions and I don’t mind being wrong.

This is one for the clever people to answer Calista.
How long have you got to read all the responses you may receive?
I'd hazard a guess that not one single person alive or dead has any clear idea why the Gasworks Ground turned out to be the mega shitshow it's become.

 

[hill83]

Wasn’t the whole project doomed to be forever burdened with debt when the development cost was drastically higher than the complex was (and is) worth? Was the initial concept of a stadium the Council’s project or CCFC’s, and whose thinking was at fault? I recall Bryan Richardson boasting that it was going to be a huge thing along the lines of the Amsterdam Arena, and then it had to be scaled back and bailed out. If a lot of financial mess got dumped on the Council (and the charity) how was the ‘silly debt’ supposed to vanish? Again, genuine questions and I don’t mind being wrong.

All stolen off a website but it's Nicks fault

Spoiler

Spoiler

Spoiler

Spoiler

Spoiler

 

[Nick]

Do wasps fans seriously think they haven't broken any agreements? One keeps going on about sisu but tries to deny wasps have broken more agreements regarding things, even more so with people losing out to admin.

 

[hill83]

I miss the days when you could stick 2000 on the end of something and it was instantly a good idea.

Mars bar 2000

 

[torchomatic]

I miss the days when you could stick 2000 on the end of something and it was instantly a good idea.

Mars bar 2000

Usually something electrical or mechanical.

Speedvac 2000

 

[Philosoraptor]

I think politicians and councillors should be some of the best paid people in the country. Only way to get rid of the dross and attract some real talent.

I would make a separate company owned by the council for them, apparently you don't need any qualifications to be a councillor so just put them on zero-hour contracts and then because it is a private-owned council company just don't acknowledge the fact they are on zero-hour contracts and announce no council employees are on zero-hour contracts.

Andy Street, once the chief executive of a major string of stores now the Mayor of the WMCA will know this idea very well.

 

[Sky Blue Harry H]

I miss the days when you could stick 2000 on the end of something and it was instantly a good idea.

Mars bar 2000

Wasps attendance: 2000 (includes 1300 free tickets)

 

[Grendel]

Do wasps fans seriously think they haven't broken any agreements? One keeps going on about sisu but tries to deny wasps have broken more agreements regarding things, even more so with people losing out to admin.

they haven’t paid creditors - pretty big breach

 

[Nick]

they haven’t paid creditors - pretty big breach

That's before you get into the other nonsense like Coventry training ground, regeneration and the other conditions.

 

[Sbarcher]

I’ve had to change my pants twice due to laughing so hard I’ve pissed myself at the guy who was on cwr this morning stating there was 10,000 at the ground on Sunday and that all they need is a bridging loan by Monday.

Everything will be fine….

I’ve just shat myself now giggling again.

Unlike Wasps - all fart and no shit.

 

[Nick]

It's all made up, wasps haven't broken any agreements.

 

[Philosoraptor]

The training ground should really be a separate building on the same parcel of land as the stadium, but I would be the first to admit that's a total pipe dream of mine.

 

[skyblu3sk]

I would make a separate company owned by the council for them, apparently you don't need any qualifications to be a councillor so just put them on zero-hour contracts and then because it is a private-owned council company just don't acknowledge the fact they are on zero-hour contracts and announce no council employees are on zero-hour contracts.

Andy Street, once the chief executive of a major string of stores now the Mayor of the WMCA will know this idea very well.

I guess the problem is decisions do need to be made they could do with being made by people who have brains .

 

[Tommo1993]

It's all made up, wasps haven't broken any agreements.

Just looked at the thread. Is he really trying to use Wikipedia as fact?!

 

[shepardo01]

Evening all!
Busy day at work.....

Any rumours on what is actually going to happen!?

Guess chemical Barry didn't break the news of a flat pack administration (or whatever it is called ) on CWR this morning!?

How entertaining has twitter been today??

Sensible answers only please!

 

[fernandopartridge]

I miss the days when you could stick 2000 on the end of something and it was instantly a good idea.

Mars bar 2000

Didn't go to the Irish Centre I take it?

Sent from my SM-G935F using Tapatalk

 

[fernandopartridge]

they haven’t paid creditors - pretty big breach

I don't believe they've spent all of the £5m + granted for the work to the Arena for the CWG. Not sure whether it was paid to them up front mind.

Sent from my SM-G935F using Tapatalk

 

[Nick]

Just looked at the thread. Is he really trying to use Wikipedia as fact?!

Yep and also wasps haven't broken any agreements. All ccfc and sisu

 

[Grendel]

I don't believe they've spent all of the £5m + granted for the work to the Arena for the CWG. Not sure whether it was paid to them up front mind.

Sent from my SM-G935F using Tapatalk

I think the amount of unpaid creditors is going to be jaw dropping

 

[RegTheDonk]

If the bondholders try to get any return in admin then I imagine Wasps fans will call the out for being greedy.

Any idea what will happen to the bondholders? Is it too late for them to have any influence in administrators, trustees etc? I would think a Wasps appointed admin (not unlike ours with Applesauce) would be bent towards their aims.

 

[Philosoraptor]

I guess the problem is decisions do need to be made they could do with being made by people who have brains .

The issue the councillors have at the moment is you can't really say they do the same job that they have done previous. There is a capitalist element in what they are doing now compared to what they have done previous. If we are to pay councillors on success, I would be afraid their current 'pay' allowance/award has been used up for the next few decades.

Why the hell as a group are we paying them over a million a year?